Commodities News – Crude oil hits six week low

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Crude oil has been declining for three days straight, touching its lowest level in more than six weeks today in the New York trading session.

US Crude Oil for November delivery fell over $4 since the high in the Asian session early today, and tumbled to $77.54 a barrel, the lowest since Aug. 9, by 12:00 GMT. (8 am New York time)

Silver fell to its lowest level since February, touching a US session low of $32.26, while gold fell below $1,680 an ounce.

Commodities overall have been battered recently on mounting concern that policy makers are unable to avert another global recession.

Manufacturing in China, which is the world’s largest metals user, may shrink for a third month in September, according to a preliminary index of purchasing managers from HSBC Holdings Plc and Markit Economics released on Thursday. The initial reading for this month was 49.4, compared with a final 49.9 for August and 49.3 for July. Figures below 50 signal a contraction.

Central bankers and finance ministers will discuss the global economic outlook today at the annual meetings of the International Monetary Fund and World Bank in Washington along with the G20.